Expeditors Sees Strong Airfreight Demand, Q3 Trends Continue

Expeditors International reported significantly stronger-than-expected airfreight rates and volumes, driven by increased shipments from existing customers, market share gains, and robust demand from the technology sector, particularly AI and data center related. The Middle East conflict contributed to capacity constraints and elevated buy/sell spreads, though the company's growth was primarily from Asia, which experienced limited disruption. The strong Q2 performance, including tonnage growth accelerating from +13% in April to +15% in June, is continuing into Q3 through July, with AI demand noted as potentially leading to a more structural increase in rates.